It was only a few days ago that we talked about which BMW M cars would become future collectibles one day. One car that is currently a collectible is the E30 M3, aka the original M3. We won’t get into why everyone loves “God’s chariot” because that story has been told a million times. No, the bigger story here is the price of this M3 seen here. It’s being sold by the Enthusiast Auto Group (a dealership) in Cincinnati, Ohio, for $199,990. What makes it worth this much money? Actually, save that question until the very end.

This 1991 M3 began its life as a pace car at the Lime Rock Park racetrack in Connecticut. It was sold to former professional racer David Hobbs with 200 miles on it to help fund the track’s repaving. Since then it has lived a charmed life having racked up only 6,012 miles. Everything here is stock, even the tires. For a car that was built 25 years ago this thing looks damn good. Both the exterior and interior are in pristine condition, with nothing looking worse for wear. If its great looks and low mileage weren’t enough, this example is the proud owner of the last VIN for E30 M3 in the US. Internet chatter is calling this the lowest mileage E30 M3 for sale in the US and it seems very likely that it is.

Despite there being no photos of the engine we have no doubt that it indeed exists and that it’s in as great a condition as the interior and exterior. The only issue we have is with the ridiculous price. It’s damn outrageous, especially since this isn’t one of the rarer M3s. It’s not an Evolution I, Evolution II or Sport Evolution. Yes, it is in great condition and has super low miles. But does that make it worth the price of a Lamborghini Huracan (LP 580-2, mind you)? No, not even with its minor celebrity status. But at the end of the day this E30 M3 is worth whatever someone will pay for it.

If that’s $200,000 then so be it. Dealerships like Enthusiast Auto Group are in business to make money, and pumping up prices to see how the market reacts is a good way to do that. How else do you explain this dealership offering four E30 M3s (including this one) for no less than $149,990? Is mint condition and minor celebrity status really worth such a massive price jump? Then again, these cars are said to be in "investment-grade" shape, so maybe the goal isn't for an enthusiast to own them.